There are some particularly unique aspects of the Consumer Financial Protection Bureau’s (CFPB) $1 billion consent order against Wells Fargo announced April 20. It marks the bureau’s first settlement to reach 10 figures, and it is the first time in recent memory that the agency has cited only one of the three categories of the Dodd-Frank Act provision outlawing unfair, deceptive or abusive act or practices (UDAAP).

Mick Mulvaney’s hard-line view on regulation by enforcement is difficult to reconcile with the CFPB’s UDAAP authority, as it relies largely on a subjective assessment of a company’s actions, something he has opposed about the provision in the past.

Find out what other takeaways can be gleaned from the record enforcement action.

In a highly anticipated and unprecedented move, Wells Fargo will pay $1 billion to settle charges brought by the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency for practices deemed to be unsafe, unsound and unfair.

The case marks the CFPB’s first enforcement action initiated since Mulvaney took over for former Director Richard Cordray in November 2017, on an interim basis. The charges the bureau levied are based on its authority under the Dodd-Frank Act statute prohibiting unfair, deceptive or abusive acts or practices.

Find out more details about what charges the regulators levied against the national bank.

Seeking to rein in the agency’s autonomy under the Dodd-Frank Act, Consumer Financial Protection Bureau (CFPB) acting director Mick Mulvaney recommended four statutory changes in the bureau’s first semi-annual report to Congress since he took the helm.

The report also notes some of the CFPB’s planned rulemaking activities and initiatives to watch for over the next several months.

Find out more about the report’s insights, Mulvaney’s recommendations and what plans the bureau has in the works.

Doubling down on one of four recommendations included in his first semi-annual report to Congress as acting director of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney emphasized to the House Financial Services Committee that he believes the bureau should be put under congressional appropriations.

Mulvaney also fielded questions regarding the bureau’s recent dismissals of cases against payday lenders, the bureau’s structure, his decision to move the Office of Fair Lending and Equal Opportunity into the director’s office and the bureau’s remittance rule, among other topics.

Find out more details about what was discussed during the House committee hearing.

Addressing what is commonly known as the “black hole” issue, the Consumer Financial Protection Bureau (CFPB) has finalized a rule amending to its TILA-RESPA Integrated Disclosure (TRID) mortgage rule, also known as “Know Before You Owe,” clarifying when lenders may pass on increased closing costs to borrowers and disclose them on a Closing Disclosure.

Richard Horn, principal attorney at Garris Horn Legal, PLLC, told Dodd Frank Update that the amendment effectively has fixed the black hole issue, but noted that creditors still will need to pay close attention to TRID’s “due diligence” standard for compliance purposes.

A lawsuit filed against the Consumer Financial Protection Bureau (CFPB) alleges that the bureau’s rule regulating the payday lending industry violates multiple federal statutes and fundamentally misses the point of why consumers seek short-term, small-dollar loan options in the first place.

The complaint, filed by two trade associations representing non-bank lenders specializing in small-dollar loans, asserts previously broached arguments premised on the purported unconstitutionality of the bureau’s structure – a concept which was shot down in a majority ruling by the D.C. Circuit Court of Appeals in January.

Find out specific arguments included in the complaint and what the plaintiffs hope to get out of the lawsuit.

Exploiting a statutory loophole that has broad implications for similar circumstances, the Senate voted to repeal a 2013 guidance from the Consumer Financial Protection Bureau (CFPB) targeting discriminatory lending practices employed by some auto dealerships.

This matter has major implications for rules, bulletins, FAQs or other guidance that may have been finalized by the CFPB or other federal regulators but not submitted to Congress since the CRA statute was signed into law.

Find out more about the implications of the vote and what industry insiders and political officials are saying about it.

A comment that seemingly was innocuous in Mick Mulvaney’s view has caused controversy and even spurred a call for his resignation as acting director of the Consumer Financial Protection Bureau (CFPB).

The comment, intended to highlight his appreciation for his constituents and businesses most affected by government policy, included an admission to giving preferential treatment to lobbyists who contributed to his past political campaigns.

Find out why his comment has deeper implications than he may have realized.

The House recently passed a pair of bipartisan measures tweaking Federal Reserve stress tests and the process of determining which financial institutions should undergo the most rigorous testing.

H.R. 4061, otherwise known as the “Financial Stability Oversight Council Improvement Act,” and H.R. 4293, also known as the “Stress Test Improvement Act of 2017,” seek to address concerns expressed on both sides of the political aisle.

Find out more about more about what the two bills could mean for nonbank financial companies supervised by the Fed.

The Volcker Rule Regulatory Harmonization Act, which would give the Federal Reserve Board of Governors sole authority to make rules under Section 619 of the Dodd-Frank Act, recently passed the House with significant bipartisan support.

The legislation also would exempt community banks from Volcker Rule requirements, and stipulate Volcker Rule supervisory jurisdiction for banking agencies.

Find out more details about what the legislation would mean for the industry if enacted.

The Federal Housing Administration insured $1.9 billion worth of loans for borrowers who were ineligible because of delinquent federal or child support debts, according to a report filed by the Department of Housing and Urban Development’s Office of Inspector General.

The report attributes the improperly insured loans to a lack of available information during the FHA underwriting process.

Find out more details about what the report included and what recommendations have been made.

At more than $5.4 trillion, “tappable” borrower equity reached an all-time high in the fourth quarter of 2017, according to the latest “Mortgage Monitor” report released by Black Knight's data and analytics division.

Black Knight defines “tappable equity” as the total amount of available equity a homeowner with a mortgage can borrow against before reaching a maximum loan-to-value ratio (LTV) of 80 percent.

Read on to find out one potential reason why, despite the increased availability of tappable equity, many borrowers are hesitant to utilize their equity.

Customers Bank, a regional bank with operations in Pennsylvania, Washington D.C., Illinois, New York, New Jersey and New England, recently expanded its residential mortgage team.The team supports the bank’s efforts in providing a wide range of products and a high level of service to all customers for their residential home financing needs.

LBA Ware, which provides automated compensation software and systems integration solutions for mortgage lenders, recently announced the hiring of Diana Sheffer as a solutions consultant to support the company’s sales and product implementation efforts.

Following the organization’s 14th Annual Night of Heroes Gala, the PenFed Foundation recently announced that the event raised more than $2.5 million for programs to help veterans, active military members and their families secure their financial future. PenFed Credit Union covers all expenses for the foundation, according to a company press release.

Fintech startup LenderClose recently hired Brad Bach as vice president of sales, focusing on introducing more credit unions and community banks to the company’s digital lending platform. Since launching in March 2016, LenderClose has added 100 lenders to its client list, and recently announced a growth investment to enable the company to add 25 employees in the next seven months.

For the first time since 2015, the Federal Trade Commission (FTC) will have a full slate of five commissioners, following the Senate’s confirmation of all five of President Donald Trump’s nominees by voice vote.

FTC acting chairman Maureen Ohlhausen released a statement congratulating the new commissioners and noted that she is awaiting Senate approval for a federal judge seat, which has the potential to affect when her replacement will begin work at the agency.

In light of the recent $1 billion fine Wells Fargo has agreed to pay to settle federal consent orders, Moody’s released a report detailing how the penalty will affect the bank’s profits.

The company’s first-quarter earnings will be reduced by several million dollars as a result of the consent orders for actions federal regulators deemed to be “unfair” pertaining to certain customers who applied for mortgage interest-rate-lock extensions and those who were charged for force-placed collateral insurance on their auto loans.

The Mortgage Bankers Association has announced that it will begin offering a new, first-of-its-kind certification exclusively for compliance professionals in the mortgage finance industry.

Individuals who complete the requirements to achieve Level I distinction under the new Certified Mortgage Compliance Professional program will be recognized for their commitment to compliance with federal and state regulations.

Total Expert recently teamed up with Blend in a partnership designed to facilitate faster loan originations and build stronger customer relationships. The two companies integrated data to enable their respective loan officers to originate mortgage loans more efficiently and transparently, according to a press release.

STRATMOR Group recently launched its 2018 Technology Insight Survey, an independent technology survey designed to give a voice to mortgage executives about their experiences with technology. STRATMOR is seeking input from lenders nationwide for the survey, according to a company press release.

The concept of storytelling often is viewed through a somewhat whimsical lens. However, in the context of Home Mortgage Disclosure Act (HMDA) compliance, it is viewed through in a much more serious light.

A panel of industry insiders discussed what takeaways could be extrapolated from HMDA data about a company’s lending practices and how lenders can utilize the data they collect to navigate the new HMDA environment at the Consumer Bankers Association’s 2018 Annual Convention.

Find out what insights the panelists had to offer about potential issues that could come to light through HMDA reporting and what they believe regulators should keep in mind when evaluating the information.

There is lots of information out there about the risk of cyberfraud, how to avoid it, requirements to protect your company against it, and what the latest scams are that you need to look out for. But happens when you get that 3 a.m. phone call that your system has been breached? What is your first step then?

Continuing its industry-supported efforts to modernize the Community Reinvestment Act (CRA), the Treasury Department recently issued a formal memorandum to the federal banking agencies recommending updates to four main elements of the statute.

The ongoing effort to halt abusive practices employed through automated dialing systems has led to legislation aimed at regulating so-called “robocalls,” which were the subject of a recent hearing in the Senate Committee on Commerce, Science and Transportation.

During the hearing, representatives discussed the problem of malicious spoofing and abusive robocalls designed to trick and defraud consumers, as well as what measures the government and other interested parties are taking to quell the practice and protect consumers.

Find out what members of the financial industry and congressional representatives had to say about the matter.

LenderClose recently secured funding necessary to hire 25 new employees, continuing its rapid growth, the company announced. The two-year-old fintech startup launched in March 2016 when lending technology professional Omar Jordan decided to try to upend the underwriting process.

A phase-in option proposed by the federal banking regulators could help address concerns about the regulatory capital effects of credit loss allowances under the new “Current Expected Credit Losses” methodology.

The new methodology promises to facilitate speedier credit loss recognition but has raises some concerns in the financial industry, particularly among community banks.

Find out more about the differences between the new and the old standard and how the agencies’ proposal addresses industry concerns.

Terrell McSweeny has announced that she will step down after four years as a commissioner for the Federal Trade Commission (FTC). With only two commissioners in place, McSweeny’s resignation will leave FTC acting chairman Maureen Ohlhausen as the agency’s sole leader.

Although four new commissioners have been nominated and received approval from the Senate Commerce Committee in February, they have yet to be confirmed by the full Senate.

Find out more about McSweeny’s resignation and what it means for the commission.

New home purchase mortgage applications have decreased 2.6 percent year-over-year but are up 14 percent from this past February, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS) for March 2018.

The BAS tracks application volume from mortgage subsidiaries of home builders across the country, utilizing the data, as well as other sources, to provide an early estimate of new home sales volumes at the national, state and metropolitan level.

The National Settlement Services Summit (NS3) comes home to the Midwest for the 14th year of the annual conference that brings all parties of the real estate transaction together in one place. The conference is slated for June 6-8 in Detroit at the Detroit Marriott at the Renaissance Center.

One thing that remains the same, though, is the ability for attendees to learn from top executives and companies representing the industry, with panels scheduled featuring leading underwriters, lenders and regulators.

Read on for more about the top-quality speakers set to pass along their insights in June.

Adding to the growing list of Republicans who will not return to Congress for another term, Speaker of the House Paul Ryan recently announced that he will leave Washington once his term is up in November.

The news prompted some high-ranking officials in the financial services industry to note their appreciation for Ryan’s work during his nearly 20-year congressional career.

Data security, payday lending and fiscal conservatism were among the key topics highlighted during Mick Mulvaney’s appearance before the Senate Banking Committee on Thursday to discuss his first semi-annual report to Congress since becoming acting director of the Consumer Financial Protection Bureau.

Mulvaney received praise from Republicans for his efforts to rein in the bureau’s use of its expansive authority granted by the Dodd-Frank Act. Those same efforts were a main subject of criticism from Democrats.

Find out more details about the hearing, which took place immediately following oral arguments in the case of Leandra English v. Donald Trump.

Underscoring the widespread industry support for establishing a bipartisan commission to run the Consumer Financial Protection Bureau (CFPB), more than 20 trade groups signed a letter favoring a proposal to enact such an action.

The letter references results from a Morning Consult poll taken in March 2017 indicating that most swing-state voters surveyed support forming a CFPB commission. The letter also notes that H.R. 5266 is not the first piece of legislation to propose such a change.

Find out more details about the trades’ arguments for restructuring the bureau.

The frequency of cyberattacks is causing many financial entities to consider ways of effectively insuring their assets against the risk of such an event.

That is why the Federal Financial Institutions Examination Council members recently issued a joint statement to describe matters that financial institutions should be mindful of when considering using cyberinsurance as a component of their risk management programs.

Find out what the council recommends companies keep in mind when considering obtaining cyberinsurance.

Despite an increase in first-quarter foreclosure filings to start the year, the foreclosure rate for the opening quarter of 2018 was much lower than a year ago, according to a report from ATTOM Data Solutions.

The report noted that 45 percent of all properties in foreclosure as of the end of the first quarter were tied to loans originated between 2004 and 2008, down from 50 percent as of the end of Q4 2017 and down from 51 percent from a year ago.

Find out more details about the state of foreclosures in the mortgage market.

A decline in mortgage refinancing activity dealt fourth-quarter profits a bigger hit than usual for independent mortgage banks and subsidiaries of chartered banks, according to the Mortgage Bankers Association (MBA).

MBA Vice President of Industry Analysis Marina Walsh told Dodd Frank Update that declining refinance volume is a major reason for the drop in revenue, but she believes independent mortgage bankers are up to the challenge of finding purchase borrowers to close that gap over time.

Find out more details and insight about what adjustments those bankers are expected to make going forward.

Responding, in part, to concerns from the financial industry that the current threshold for commercial real estate transactions requiring an appraisal has not kept pace with price appreciation, the federal banking agencies have finalized a rule doubling it.

The Federal Reserve Board of Governors, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency proposed to raise the threshold in July 2017, and pumped up their initial proposed increase by $100,000 in the final rule.

Find out more details about why the industry supports the threshold increase.

In the Consumer Financial Protection Bureau’s 11th Request for Information (RFI) issued as part of acting director Mick Mulvaney’s call for evidence, the bureau is seeking feedback about the effectiveness and efficiency of its consumer financial education programs.

The RFI includes a list of recommended topics and questions for respondents to reference when providing feedback.

Read on to find out more about what the bureau is hoping to gain from commenters.

As part of its continuing effort to shift toward more risk-based supervisory standards and utilize technology to improve oversight efficiency, the Federal Financial Institutions Examination Council (FFIEC) recently announced steps it is taking to update its Examination Modernization Project.

The FFIEC’s Examination Modernization Project was initiated as a follow-up to the review of regulations under the Economic Growth and Regulatory Paperwork Reduction Act.

Read on to learn more about how the council plans to focus its efforts moving forward.

In his latest reply letter to Sen. Elizabeth Warren (D-Mass.), Mick Mulvaney wrote that he was “not aware” that his office had not responded to one of her previous letters, and that he would answer many of her questions when testifying before Congress regarding the Consumer Financial Protection Bureau’s recently released semi-annual report.

The acting director attempted to empathize with Warren’s frustration regarding his incomplete answers, comparing it to how he felt when he was representing South Carolina in the House.

Technology’s imprint on the financial industry will only continue to grow in magnitude, bringing with it a greater need to focus on compliance guidelines crafted to account for risks that did not exist in decades past.

Dodd Frank Update was in attendance for the “Digital Regulator Panel” at the Consumer Bankers Association’s 2018 Annual Convention, which consisted of Kelvin Chen of the Federal Reserve, Beth Knickerbocker of the Office of the Comptroller of the Currency and Dan Quan of the Consumer Financial Protection Bureau.

FHFA Director Melvin Watt said the announcement is intended to offer certainty to market participants regarding the timing of the transition to the UMBS and to enable them to make necessary preparations for a smooth transition.

Find out more about the new development and what it will mean for the industry.

The Consumer Financial Protection Bureau has issued a Request for Information (RFI) regarding the overall effectiveness and accessibility of the bureau’s guidance materials and activities, as well as implementation support. The RFI particularly focuses on the usefulness of “non-rule guidance.”

The RFI notes that legislative rules have the “force and effect of law,” interpretive rules leave open the possibility of discrepancies in opinions, which can lead to complications.

Find out more details about what insight the bureau is hoping to gain from respondents.

Sen. Lindsey Graham (R-S.C.) recently introduced a joint resolution of disapproval to nullify the Consumer Financial Protection Bureau’s rule regulating the short-term, small-dollar lending industry. This is the second such resolution introduced since the rule was finalized in October 2017.

To pass the Senate with only a simple majority, a CRA resolution must be acted upon within 60 legislative days of its publication in the Federal Register or of its referral to the Senate committee, depending on which occurs first.

The Federal Reserve Board, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. have issued information on the host state loan-to-deposit ratios, which are used to determine compliance under Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Review the ratios in Dodd Frank Update’s Library.